Even before, got new rules from the Insurance Regulatory and Development Authority or IRDAI that is we need to pay 3 years Insurance for a new purchase of the car and 5 Years of advance for the two-wheelers.
At present, there’s something disturbing news and we need to deal with the price rise. So the IRDAI has increased the prices for the 3rd party insurance for both two wheelers and four wheelers.
There are different price slabs for each criterion and also varies with the type of engine as well.
Price change from Insurance Regulatory and Development Authority
According to the Act of 1999 made by IRDAI and it regulates the insurance pricing and all the related information.
Since 2001, IRDAI is taking regulation of price change and the rules of other insurance companies. If it is regarding anything, insurance companies need to contact IRDAI for further help. By having this type of authority, we hold the control of price change of these 3rd party companies.
So, the new price hike issued on May 20th by IRDAI and they will come in effect on June 16, 2019.
All you need to know about the prices and the range.
For private cars
Cars up to 1000 CC Engine
Earlier it was Rs. 1,850 and now the price got up to Rs. 2,072 which is a 12% increase.
Cars between the range of 1000 CC-1500 CC Engine
Before it was Rs. Rs.2,840 and now it is at Rs. 3,221 an increase of 12.5%.
Cars more than 3500 CC
There’s no price change as they charge way more already due to the premium cars.
You can see the difference between 4% to 21% and it also depend on the overall cost and CC of your vehicle. If you buy two-wheeler which has more than 350 CC you won’t be able to see any price hike.
What if you own Electric Vehicle.
So, in future everything gonna is electric and the demand for the electric vehicle will be in trend.
So even now, the government is also encouraged to come up with electric vehicles to reduce pollution and it can be benefited from costing as well.
If you purchase the electric vehicle you can get a list of advantages
- A discount of flat 15% on Electric cars.
- If you buy up to 30 Kilowatts electric car and the premium will be just Rs. 1,761 for a year.
- Cars ranging between 30KW to 60KW then you need to pay Rs. 2,738.
- Electric cars with more than 65 KW then you need to pay a fixed premium of Rs. 6,707.
- You need to pay Rs. 4,493 for the long-term insurance cover of electric vehicle which is up to 30KW.
- Rs. 8,104 for long-term insurance for all-electric cars ranging between 30KW-65KW.
- Rs. 20,659 for long-term insurance for electric cars which are more than 65KW.
We will be sharing more details when we get it.